Excise duty refund for industrial development in State is to be treated as capital receipt

IN THE ITAT AMRITSAR BENCH (SPECIAL BENCH) Vinod Kumar Jain Versus Income-tax Officer-Ward-1(3), Jammu IT Appeal NoS. 65 & 68 (Asr.) of 2010 [Assessment year 2006-07] OCTOBER 26, 2012 ORDER ITA No.65(Asr)/2010 1. The Hon’ble President of the Tribunal has referred the following questions for consideration of the Special Bench vide order dated 26.04.2010.  (i)  “Whether in the facts and circumstances of the case, the excise duty refund set off is a capital receipt or revenue receipt. (ii)  If the excise duty refund/set off is held to be revenue receipt, whethe...